Sunday Solutions cold calling

[DaveB]

Just had a cold call from a chap at "an organisation called Sunday.", actually Sunday Solutions, wanting to know how I managed my tax affairs.

Business must be slow.

Anyone else getting cold calls or am I just special?

[dezze]

What's their angle? Offshore stuff?

[pmeswani]

Just had a cold call from a chap at "an organisation called Sunday.", actually Sunday Solutions, wanting to know how I managed my tax affairs.

Business must be slow.

Anyone else getting cold calls or am I just special?

They did that to me months ago. They tried to use scare tactics to get me to take on their services. Even referred to a post on this forum that was over a year old to put me off using the Personal Services Company I am using at the moment. They even told me that the PSC was going to be investigated (not sure how they are privvy to such information, but hey ho). They even said that their MD is on the HMRC panel..... yeah righ!!

When I told them that the PSC I am using now are quoting that I will pay myself via PAYE and dividends, they stated that paying myself by dividends was illegal. (eh?). Also when I told them that I indend to pay myself a certain amount, they came back and quoted £50 more. I couldn't remember the exact amount when I spoke to them, but it turned out I was going to pay myself a lot more than what Sunday Solutions were quoting. I told them that I wasn't going to transfer my Mobile phone bill and Interweb bill to the company (but they ignored that fact).

So I think things must be slow for them throughout the year.

[DaveB]

What's their angle? Offshore stuff?

They bill themselves as a "a leading-edge tax and wealth management consultancy" without giving away any details and appear to be a glorified umbrella service.

Interestingly the tax calculator on their site shows that I'm actually better off running my own ltd without their help than I would be using them and thats not accounting for their fees either

[Lewis]

When I told them that the PSC I am using now are quoting that I will pay myself via PAYE and dividends, they stated that paying myself by dividends was illegal. (eh?). Also when I told them that I indend to pay myself a certain amount, they came back and quoted £50 more. I couldn't remember the exact amount when I spoke to them, but it turned out I was going to pay myself a lot more than what Sunday Solutions were quoting. I told them that I wasn't going to transfer my Mobile phone bill and Interweb bill to the company (but they ignored that fact).

So I think things must be slow for them throughout the year.

I find your terminology confusing. A Personal Service Company is usually used to describe a limited company where the contractor is the director and sole worker. But you use it in a way that sounds like it is an umbrella or something. What is now not allowed is dividends from a Managed Service Company - that might be what they were talking about and I must admit it does sound from your description a little like what you are doing. So out of interst are you just operating your own limited company with accoutants to help or are you using the services of another company to run a company for you?

[chris79]

I thought PSC and MSC were just names made up to try and classify things (by who I do not know) but wern't actually official?

[Sockpuppet]

I thought PSC and MSC were just names made up to try and classify things (by who I do not know) but wern't actually official?

No definition for a PSC at least.

[jigsaw]

PSC = Personal Service Company = basically a 1 man band Ltd Co

MSC = Managed Service Company = basically a managed, many man band Ltd Co all sharing the advantages and profits etc.

MSC now effectively banned HMRC & govt legislation (thanks Gordon).

Sunday Solutions = LLP = Limited Liability Partnership. They have been discussed many times before on this board. They cold called me earlier this year but I decided I did not like the idea of a partnership with my money and one or two other dubious ideas they had so I didn't bother.

In my opinion a PSC 1 man band the best way to go as you are totally in control. If you don't want control, give it to a reputable umbrella co.

[Lewis]

I thought PSC and MSC were just names made up to try and classify things (by who I do not know) but wern't actually official?

I agree, HMRC came up with these defintions and there are definitely ambiguities surrounding their use but when the poster writes that they are being quoted things by the PSC they are using I am curious to know what they mean as PSC by (HMRC's) definition is one you run and so you wouldn't write "I quoted myself". Was just wondering if the poster was using a limited company which is managed by a thrid party which would potentially make it an MSC (by HMRC's definition) and mean he isn't allowed to declare dividends.

[pmeswani]

I find your terminology confusing. A Personal Service Company is usually used to describe a limited company where the contractor is the director and sole worker. But you use it in a way that sounds like it is an umbrella or something. What is now not allowed is dividends from a Managed Service Company - that might be what they were talking about and I must admit it does sound from your description a little like what you are doing. So out of interst are you just operating your own limited company with accoutants to help or are you using the services of another company to run a company for you?

The PSC I am using is just a glorified Accounting service that raises invoices on my behalf and provide other accounting services. All the payments from the agency goes straight to my Business Bank Account to which I pay myself based on the advice they provide me. Nothing dodgy at all. However, Sunday Solutions did imply paying myself dividends from my own business bank account was indeed illegal under Tax Laws (surprisingly they weren't able to provide any proof to back it up).